TaxRookie

Guys - I 'd appreciate advice on this.

I'm a little confused on the foreign account piece. I'm reading conflicting information and the IRS website doesn't seem clear either.

On the 8938 there are two types of foreign asset: 1. Deposit and Custodial. 2. Other Foreign Assets.

What goes where? Cheque accounts and savings accounts. They are deposit accounts right? I've read that pensions are custodian?

Stocks and Shares are 'other'?

Also, endowment and a small life insurance policy. Are they 'custodian'?

Thanks

TaxRookie

anyone have any idea on this please?

nun

Deposit accounts are things like bank accounts. The custodial account is one that you control for someone else's benefit....like a child. Everything else is other, so that includes brokerage accounts, stocks and shares ISAs, individual stocks, pensions etc.

TaxRookie

thanks